European Commission Autumn 2020 Economic Forecast suggested on Thursday that the European Union economy won't return to the pre-pandemic levels before 2022, APA reports citing Teletrader.
In comparison with the Summer 2020 Economic Forecast, the contraction expectations for 2020 increased slightly to 7.4%. On the other hand, the growth projections were relatively less optimistic in the autumn update, estimating an uptrend of 4.1% for 2021 and 3% for 2022.
According to the European Economy Commissioner Paolo Gentiloni, "after the deepest recession in EU history, Europe's rebound has been interrupted due to the resurgence in COVID-19 cases. Growth will return in 2021 but it will be two years until the European economy comes close to regaining its pre-pandemic level."